City of Darien Administrative/Finance Committee met Sept. 7.
Here are the minutes provided by the committee:
The meeting was called to order by Chairwoman/Alderwoman Sullivan at 6:02 pm. Committee member Alderman Vaughan was present. Mayor Marchese, City Administrator Vana, Treasurer Coren, and Accounting Manager Julie Saenz were also present.
Presentation - Draft FYE 21 Annual Financial Report
Jim Savio of Sikich presented the draft Annual Financial Report for the Year Ended April 30, 2021. The final report will be presented to the City Council October 4, 2021.
FYE 21 Audit to Budget Comparison
Staff advised that upon completion of the annual audit, the Administrative/Finance Committee reviews a comparison between the FYE 4-30-21 audited numbers and the FYE 4-30-21 estimated numbers included in the FYE 4-30-22 budget. This year’s review included a document containing a detailed sheet on the General and Capital Projects Funds. The General Fund audited fund balance exceeded the estimated balance used in the 4-30-22 budget by $1,883,584. The City Council previously approved the Capital Improvements Plan Guidelines. Section 3 of the guidelines includes direction that any surplus from the general fund, in excess of 3 months operating reserve, will be transferred to the capital projects fund annually. Based on these guidelines the Committee unanimously recommended that the City Council approve a transfer of $1,800,000 to the Capital Projects Fund from the General Fund.
MINUTES – June 7, 2021 - The Committee unanimously approved the minutes.
MINUTES – August 2, 2021 – The Committee unanimously approved the minutes.
Adjournment - The meeting adjourned at 6:41 pm.
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